Management is the art of assuring maximal successfulness with a minimal attempt. Wherever there is a structured group functioning together in the direction of a common goal, some type of management becomes necessary.

“Management is the process of getting activities completed efficiently and effectively with and through other people.”

It is the management, which makes the people, actualizes the aims of the particular group, and guides their efforts for the accomplishment of these objectives. No business activity can be carried out without the five factors of production, viz. the land, labor, capital, enterprise and the management. The four factors may prove unproductive in the nonexistence of the fifth one i.e. management. Management also provides novel ideas, thoughts and imaginations to the organization.

Management also helps in efficient and smooth running of business through better planning, benevolent administration, and successful control through its various tools. Profits can be increased in any organization either by escalating the sales revenue or plummeting costs. To increase the sales revenue is beyond the control of an organization. Management by abbreviating costs raises its profits and offers opportunities for future development and improvement.

In the present days of rising competition, only those business enterprises can survive which can manufacture quality goods at the lowest of costs. Through better planning, sound organization and effective control, management lets a business group to lessen costs, and allows it to face aggressive competition.